To Our Clients and Friends,
Two years ago, as we started this new decade and shared our Investment Outlook, I quoted Bill Gates who said, "We tend to overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten." I would like to acknowledge that I got that wrong! We did not anticipate the most serious health crisis the world has experienced in a century, which would shut down 60% of the global economy in March of 2020 – the steepest economic decline ever.
We now know that this decline was followed by the fastest recovery ever, with corporate profits and global GDP now exceeding pre-pandemic levels. It is a testament to the brilliance of scientists, the speed of governments and central banks, and the heroism of health professionals and essential workers across the economy, including my colleagues at BNY Mellon. In March of 2020, our CEO, Todd Gibbons, outlined three priorities for our company: the health and safety of our employees; service to our clients; and support for the financial system and our communities. Our offices have remained open and our work for the financial system, our communities and you has continued thanks to the dedication of our own essential employees.
The path from March of 2020 to today has been anything but linear. The trip brings to mind iconic rollercoasters built in theme parks across the United States in the 1920s: wooden and rickety, with scary ups and downs taken at high speeds. Our expectations for the path ahead include:
The past two years have been historic in so many ways. They have changed our lives and the global economy. We have confidence in the global recovery and our ability to navigate this decade together – no matter which theme park ride comes at us next.
Thank you for the trust you place in us every day. We are committed to continuing to earn it. We wish you happy and healthy holidays with the people and in the places that are most important to you.
Chief Executive Officer, BNY Mellon Wealth Management & Investor Solutions
This material is provided for illustrative/educational purposes only. This material is not intended to constitute legal, tax, investment or financial advice. Effort has been made to ensure that the material presented herein is accurate at the time of publication. However, this material is not intended to be a full and exhaustive explanation of the law in any area or of all of the tax, investment or financial options available. The information discussed herein may not be applicable to or appropriate for every investor and should be used only after consultation with professionals who have reviewed your specific situation. The Bank of New York Mellon, DIFC Branch (the “Authorized Firm") is communicating these materials on behalf of The Bank of New York Mellon. The Bank of New York Mellon is a wholly owned subsidiary of The Bank of New York Mellon Corporation. This material is intended for Professional Clients only and no other person should act upon it. The Authorized Firm is regulated by the Dubai Financial Services Authority and is located at Dubai International Financial Centre, The Exchange Building 5 North, Level 6, Room 601, P.O. Box 506723, Dubai, UAE. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the Federal Reserve and authorized by the Prudential Regulation Authority. The Bank of New York Mellon London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. The Bank of New York Mellon is incorporated with limited liability in the State of New York, USA. Head Office: 240 Greenwich Street, New York, NY, 10286, USA. In the U.K. a number of the services associated with BNY Mellon Wealth Management's Family Office Services– International are provided through The Bank of New York Mellon, London Branch, One Canada Square, London, E14 5AL. The London Branch is registered in England and Wales with FC No. 005522 and BR000818. Investment management services are offered through BNY Mellon Investment Management EMEA Limited, BNY Mellon Centre, One Canada Square, London E1C 5AL, which is registered in England No. 1118580 and is authorized and regulated by the Financial Conduct Authority. Offshore trust and administration services are through BNY Mellon Trust Company (Cayman) Ltd. This document is issued in the U.K. by The Bank of New York Mellon. In the United States the information provided within this document is for use by professional investors. This material is a financial promotion in the UK and EMEA. This material, and the statements contained herein, are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such. BNY Mellon Fund Services (Ireland) Limited is regulated by the Central Bank of Ireland BNY Mellon Investment Servicing (International) Limited is regulated by the Central Bank of Ireland. BNY Mellon, National Association is not licensed to conduct investment business by the Bermuda Monetary Authority (the “BMA") and the BMA does not accept responsibility for the accuracy or correctness of any of the statements made or advice expressed herein. BNY Mellon is not licensed to conduct investment business by the Bermuda Monetary Authority (the “BMA") and the BMA does not accept any responsibility for the accuracy or correctness of any of the statements made or advice expressed herein. Trademarks and logos belong to their respective owners. BNY Mellon Wealth Management conducts business through various operating subsidiaries of The Bank of New York Mellon Corporation. The information in this paper is as of December 2021 and is based on sources believed to be reliable but content accuracy is not guaranteed. © 2021 The Bank of New York Mellon Corporation. All rights reserved.